PUMA SE (ETR:PUM) Just Reported Third-Quarter Earnings: Have Analysts Changed Their Mind On The Stock?

Investors in PUMA SE (ETR:PUM) had a good week, as its shares rose 5.9% to close at €26.27 following the release of its third-quarter results. It was a pretty bad result overall; while revenues were in line with expectations at €1.8b, statutory losses exploded to €0.37 per share. The analysts typically update their forecasts at each earnings report, and we can judge from their estimates whether their view of the company has changed or if there are any new concerns to be aware of. We’ve gathered the most recent statutory forecasts to see whether the analysts have changed their earnings models, following these results.

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After the latest results, the 19 analysts covering PUMA are now predicting revenues of €7.25b in 2027. If met, this would reflect a modest 5.1% improvement in revenue compared to the last 12 months. PUMA is also expected to turn profitable, with statutory earnings of €0.29 per share. In the lead-up to this report, the analysts had been modelling revenues of €7.28b and earnings per share (EPS) of €0.36 in 2027. The analysts seem to have become more bearish following the latest results. While there were no changes to revenue forecasts, there was a substantial drop in EPS estimates.

See our latest analysis for PUMA

The consensus price target held steady at €28.50, with the analysts seemingly voting that their lower forecast earnings are not expected to lead to a lower stock price in the foreseeable future. That’s not the only conclusion we can draw from this data however, as some investors also like to consider the spread in estimates when evaluating analyst price targets. Currently, the most bullish analyst values PUMA at €40.50 per share, while the most bearish prices it at €22.00. This is a fairly broad spread of estimates, suggesting that analysts are forecasting a wide range of possible outcomes for the business.

Of course, another way to look at these forecasts is to place them into context against the industry itself. For example, we noticed that PUMA’s rate of growth is expected to accelerate meaningfully, with revenues forecast to exhibit 4.1% growth to the end of 2027 on an annualised basis. That is well above its historical decline of 0.4% a year over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to see their revenue grow 6.1% per year. Although PUMA’s revenues are expected to improve, it seems that the analysts are still bearish on the business, forecasting it to grow slower than the broader industry.

The Bottom Line

The most important thing to take away is that the analysts downgraded their earnings per share estimates, showing that there has been a clear decline in sentiment following these results. On the plus side, there were no major changes to revenue estimates; although forecasts imply they will perform worse than the wider industry. There was no real change to the consensus price target, suggesting that the intrinsic value of the business has not undergone any major changes with the latest estimates.

Keeping that in mind, we still think that the longer term trajectory of the business is much more important for investors to consider. We have estimates – from multiple PUMA analysts – going out to 2028, and you can see them free on our platform here.

Before you take the next step you should know about the 1 warning sign for PUMA that we have uncovered.

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